H-1B==Offshoring ==> Data Theft

Coinbase’s experience portends more of the same

Take the personal financial or medical information of Americans, hand it over to a third party that then gives access to that data in a third world country notorious for corruption. What could possibly go wrong?

In an event that is no shock to those who have worked with large computer systems, the cryptocurrency company Coinbase has been hit with a $400,000,000 data breach.

Coinbase had outsourced work to the H-1B body-shop TaskUS, which in turn moved work to India. Workers in India were bribed to provide information that allowed hackers to steal the $400 million from 69,000 customers.

Coinbase stockholders need to call this what it is: gross malpractice on the part of the Coinbase management. A company cannot securely manage computer systems that are run by third party in foreign country.

It is shocking how much of America’s financial and medical data has been moved overseas, facilitated by the H-1B visa. Coinbase portends what we can expect in the future from this kind of managerial incompetence.

Get ready for the shareholder lawsuits.

https://cis.org/Miano/H1B-Offshoring-Data-Theft